On October 9, 2023, Saba Capital Management, L.P. (Trades, Portfolio) added 20,242 shares of Eaton Vance New York Municipal Bond Fund (ENX, Financial) to its portfolio. The shares were acquired at a price of $8.2 per share, bringing the firm's total holdings in ENX to 2,521,558 shares. This transaction represents a 0.54% position in the firm's portfolio and a 14.04% stake in ENX. Despite the relatively small impact on the firm's portfolio, this transaction signifies a notable increase in the firm's investment in ENX.
About Saba Capital Management, L.P. (Trades, Portfolio)
Saba Capital Management, L.P. (Trades, Portfolio), based at 405 Lexington Avenue, New York, NY, is a firm that manages a portfolio of 624 stocks, with a total equity of $3.84 billion. The firm's top holdings include Templeton Global Income Fund (GIM, Financial), BlackRock Capital Allocation Trust (BCAT, Financial), BlackRock Health Sciences Trust II (BMEZ, Financial), BlackRock Innovation & Growth Tr (BIGZ, Financial), and BlackRock ESG Capital Allocation Trust (ECAT, Financial). The firm's investments are primarily concentrated in the Financial Services and Technology sectors.
Overview of Eaton Vance New York Municipal Bond Fund
Eaton Vance New York Municipal Bond Fund (ENX, Financial), based in the USA, is a non-diversified, closed-end investment company. Since its IPO on August 28, 2002, the company has been engaged in managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. As of October 11, 2023, the company has a market cap of $148.899 million and a stock price of $8.29. However, due to the lack of sufficient data, the GF Valuation and GF Value of the stock cannot be evaluated.
Performance of Eaton Vance New York Municipal Bond Fund
Since its IPO, ENX has experienced a price change of -44.73%. The year-to-date price change ratio stands at -8.5%. The stock's GF Score is 43/100, indicating a poor future performance potential. The stock's Financial Strength is ranked 5/10, while its Profitability Rank is 3/10. The Growth Rank and GF Value Rank are both 0/10, indicating a lack of growth and value. However, the stock's Momentum Rank is 8/10, suggesting a strong momentum.
Financial Health of Eaton Vance New York Municipal Bond Fund
ENX's financial health is characterized by a cash to debt ratio of 0.00, indicating a lack of cash to cover its debt. The company's Return on Equity (ROE) and Return on Assets (ROA) are -6.21 and -3.74 respectively, ranking 1254th and 1227th in the industry. The company's gross margin growth and operating margin growth are both 0.00, indicating no growth in these areas.
Growth of Eaton Vance New York Municipal Bond Fund
Over the past three years, ENX has not shown any growth in revenue, EBITDA, or earnings, with all three metrics standing at 0.00. This lack of growth is reflected in the company's Growth Rank of 0/10.
Predictability and Momentum of Eaton Vance New York Municipal Bond Fund
ENX's predictability rank is not available due to insufficient data. The stock's RSI 5 Day, RSI 9 Day, and RSI 14 Day are 2.84, 9.63, and 16.39 respectively, with the RSI 14 Day ranking 144th. The stock's Momentum Index 6 - 1 Month is -7.10, ranking 1176th, while the Momentum Index 12 - 1 Month is 4.27.
Conclusion
In conclusion, Saba Capital Management, L.P. (Trades, Portfolio)'s recent acquisition of ENX shares represents a significant increase in its investment in the company. Despite ENX's lackluster performance and growth metrics, the firm's increased stake in the company suggests a belief in its potential. This transaction could have a significant impact on ENX's stock and Saba Capital Management, L.P. (Trades, Portfolio)'s portfolio in the future.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
